The gross value of Australian farm production is forecast to increase to $58.4 billion in 2016/17 – due in part to a forecast rise in the gross value of crop production –according to the latest analysis released in the ABARES Agricultural Commodities report. Source: AFDJ eNews
Acting ABARES Executive Director, Peter Gooday, said that if realized, the gross value of farm production would be around 13% higher than the average value for the past five years.
“In 2016–17, the gross value of crop production is set to increase by 6.6% to $29.2 billion, which is largely due to a rise in the gross values of horticulture, cotton and oilseed production,” Mr Gooday said.
“The gross value of livestock production is also forecast at $29.2 billion, which remains largely unchanged after an estimated 7.7% increase in 2015-16.
“Following a modest increase of 1.3% in 2015-16, export earnings from farm commodities are forecast to fall slightly to $44 billion in 2016-17.
“While cattle prices are expected to remain strong, beef exports are forecast to fall by 12% as herd rebuilding limits supplies for export.”
Other commodities for which export earnings are forecast to fall in 2016–17 are beef and veal (–12% dairy products (–1%), live feeder/slaughter cattle (–4%) and mutton (–17%).
While export earnings for wheat are expected to remain largely unchanged, rises in export earnings are forecast for wool (6%), sugar (21%), wine (1%), cotton (40%), lamb (3%) and canola (43%).
“Export earnings for fisheries products are also forecast to rise by 8% to $1.7 billion in 2016–17, following an increase of 7% in 2015 16,” Mr Gooday said.
The September edition of the ABARES Agricultural Commodities report also features articles on current agricultural issues, including Australian farm investment.
Full details are available on the ABARES website at www.agriculture.gov.au/abares/publications